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Friday, February 25, 2011

Spyker cars to be sold to focus on Saab!!!

Luxury car maker Spyker Cars today informed that it is on the verge of negotiating to sell its sports car business to a company controlled by Russian billionaire Vladimir Antonov through its company CPP Global Holdings which were based in the UK.

The results of this sale could raise 32 million Euros where this will cuts Spykers debts to 25 million Euros from 92 million Euros previously and with this deal, Antonov’s CPP Global Holdings would purchase the entire assets related to Spyker business including its trademarks and other intellectual property rights. According to Spyker CEO Victor Muller, this sales agreement would allow the Spyker brand to expends its business without any restriction in terms of capital structure

As you may know from last year headline that Spyker bought Saab from General Motors and this move made by Muller will allow him to solely focus on Saab business where he is bullish that this year sale from the Saab brand would reach 80,000 units and this will be further increase to 120,000 units in 2012. In 2010, Saab has sold 31,696 cars meeting its forecast of 30,000 to 35,000 vehicles sold.

With this move, Victor Muller will remain as Spyker CEO until a successor is appointed to replace him in the company.